Trulioo’s compliant onboarding and identity verification enables investment platform’s expansion
Australian-based investment platform Stake’s use of the Trulioo GlobalGateway to provide digital identity verification and regulatory compliance for the company’s services are enabling its expansion into new markets.
The partnership allows Stake’s customers to be onboarded and instantly verified from anywhere with GlobalGateway. They will then be able to deposit funds via the app and start trading in the U.S. stock market on the same day, according to a case study from Trulioo.
Stake has been collaborating with Trulioo for nearly three years, with GlobalGateway being deployed to allow verification checks for new customers in Australia, New Zealand, and the UK.
The investment firm measures and tracks a sample of automatic ID verifications for each country, and has set a 70 to 75 percent internal requirement for their registration pass rate. Trulioo GlobalGateway provides a range of tools for identity verification and regulatory compliance, including biometrics, which partners integrate to meet the needs of the particular application and market.
Utilizing GlobalGateway’s data in real-time to benchmark against, Stake is able to deploy actions accordingly to timely convert customers.
Maximizing digital identity verification capabilities
According to Dan Silver, COO of Stake, digital identity verification is critical to the company’s business success.
“When optimal onboarding is achieved, with real-time identity verification, customers are almost 250 percent more likely to deposit funds into their Stake account.”
Joining forces with Trulioo empowered Stake to simplify the onboarding process and increase revenue.
To this end, Stake has also added a digital document upload function to its app, as well as divided the onboarding process into three intuitive steps.
According to the Stake case study, the partnership with Trulioo comes amidst a spike of users since the beginning of the pandemic, who have more than doubled between January and April.
Stake has experienced increased interest in stocks for technology giants, as well as the awareness of customers of general market fluctuations and the desire to exploit big changes in stock prices.
Stake confirmed GlobalGateway has been able to meet and support this spike in demand, keeping the platform stable and preventing outages.
Moving forward, Stake said the company will keep working with Trulioo to expand its reach to new territories and towards new investment opportunities.